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History and Purpose

Home / History and Purpose

Did you know the Federal Credit Union Act, the law that allows the establishment of all federal credit unions, has direct connections to WoodmenLife?

In the early 1930’s, home office employees of Woodmen of the World Life Insurance Society informally pooled their resources to help their fellow employees with their financial needs.  This ‘cooperative’ effort spread under the leadership of Morris Sheppard, then Treasurer for Woodmen of the World Life Insurance Society and a United States Senator from Texas.

Senator Sheppard not only wrote the bill, the Federal Credit Union Act, but he also championed it to unanimous consent in the United States Senate. Upon the signing of the Federal Credit Union Act into law by President Franklin D. Roosevelt in 1934, Senator Sheppard immediately chartered two federal credit unions.  The very first federal charter was issued to the Morris Sheppard Texarkana Federal Credit Union in Senator Sheppard’s home town and charter #16 was issued to the Morris Sheppard W. O. W. Federal Credit Union in Omaha.

Woodmen of the World Life Insurance Society

In 1990, the charter was amended to include what was then known as theWoodmen Tower and the adjoining World Building business tenants, their employees, and their relatives.  The name was changed to Woodmen Federal Credit Union as it is known today.

The Credit Union continues to uphold the principles with which it was founded, members helping members.  We are a non-profit cooperative organization, owned by and for our members.  Woodmen Federal Credit Union is proud of our history and our connection with WoodmenLife.  Their sponsorship and unquantifiable support are truly appreciated.

Please visit WoodmenLife at www.WoodmenLife.org. and Woodmen Federal Credit Union at www.WoodmenFCU.org.

Pictured at right is the former Woodmen of the World Building, built in 1912, and located at 1323 Farnam Street.  The building was the headquarters of Woodmen of the World Life Insurance Society from 1912 until 1934.  The building was demolished in 1977.  Hover over the image of the original Woodmen of the World Building to see the WoodmenLife Tower as it is today.  The WoodmenLife Tower was completed in 1974, and rises 28 stories over Omaha at 1700 Farnam Street.